Farmington, Arkansas Cost Of Living

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Overall 10%

Goods & Services 9%

Housing 10%

Date & Last Updated: This data reflects 2019 and was released from C2ER in January, 2020; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Farmington	Arkansas	National
Cost of living	90	84	100
Goods & Services	91	95	100
Groceries	91	90	100
Health care	82	86	100
Housing	90	65	100
Transportation	91	83	100
Utilities	91	91	100

Key findings

The cost of living in Farmington is 8% higher than the Arkansas average
The cost of living in Farmington is 10% lower than the national average
Farmington housing is 10% lower than the national average
Arkansas general sales tax is 28% higher than the national average
Arkansas state income tax is 19% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$66,563	$5,547	$1,553	$1,997
Renters	$36,641	$3,053	$855	$1,099

A good indicator of the general affordability of housing in Farmington, AR, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Farmington, the median monthly income is $66,563 for those who own their own homes. Under the standard rule, that income level would allow for $1,553 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $36,641, per the median income in the area. That would allow for renters to spend up to $855 on monthly rental expenses.

Arkansas Sales Tax

State	General Sales Tax	With Max Surtax
Arkansas	6.5%	11.625%

Arkansas Income Tax

State	Income Tax (Low)	Income Tax (High)
Arkansas	2%	6.6%

Goods & Services

Item	Farmington	National avg.	Difference
Haircut	$17.98	$17.49	2.8%
Beauty Salon	$32.46	$38.17	15.0%
Toothpaste	$1.49	$2.32	35.8%
Shampoo	$0.78	$1.01	22.9%
Movie	$10.00	$10.72	6.8%
Bowling	$17.50	$13.86	26.3%

Groceries

Item	Farmington	National avg.	Difference
Ground Beef	$3.55	$3.90	9.0%
Fried Chicken	$1.06	$1.40	24.1%
Milk	$1.08	$1.96	45.0%
Potatoes	$2.88	$3.18	9.5%
Pizza	$8.00	$10.39	23.0%
Beer	$8.47	$9.23	8.2%

Health Care

Item	Farmington	National avg.	Difference
Optometrist	$67.50	$106.34	36.5%
Doctor	$82.50	$115.25	28.4%
Dentist	$82.50	$98.38	16.1%
Ibuprofen	$7.97	$9.26	13.9%
Lipitor	$454.00	$466.47	2.7%

Housing

Item	Farmington	National avg.	Difference
Home Price	$164,400.00	$184,700.00	11.0%
Avg. Mortgage Payment	$954.88	$1,273.32	25.0%
Apartment Rent	$864.00	$949.00	9.0%

Transportation

Item	Farmington	National avg.	Difference
Gasoline	$2.38	$2.59	8.0%
Tire Balancing	$45.00	$48.90	8.0%

Utilities

Item	Farmington	National avg.	Difference
All Electricity	$134.44	$167.60	19.8%
Phone	$190.30	$163.42	16.4%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Lincoln, AR	2,122	80	-20%
West Fork, AR	2,491	83	-17%
Prairie Grove, AR	4,997	85	-15%
Elkins, AR	2,867	86	-14%
Springdale, AR	76,188	86	-14%
Farmington, AR	6,470	90	-10%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Pocahontas, AR	6,470	78	-22%
Rockaway, NJ	6,472	122	22%
Corry, PA	6,467	83	-17%
Prospect Park, PA	6,467	106	6%
De Soto, MO	6,466	84	-16%
Farmington, AR	6,470	90	-10%

Source: The Farmington, AR cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Farmington, AR Cost of Living

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